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Claire Drage, AMP
  Senior Mortgage Expert

 T. 905.847.6611
 C. 905.330.9488

 F. 866.755.3750

 claire@yourmortgageoptions.ca

 Dominion Lending Centres

 Home Capital Solutions Inc.

"My dream was always to own a cottage.  When I found the one I wanted, my bank said that my ratio's were too tight to qualify.  My real estate agent hooked me up with Claire Drage and within 1 day I was all approved and well on my way to living my dream of owning my very own cottage!"

- Adrian Matthews

 
905-330-9488 Your Mortgage Options Oakville Ontario Canada
Your Mortgage Options with Claire Drage, AMP

Second Home Mortgage

Cottage Mortgages

Tips for Buying a Second Home or Vacation Property

Vacation Homes/Cottages/Second Homes

At Genworth, we know that today's busy lifestyle requires more home ownership options - whether it's a second home in the city to reduce that weekly commute, or a cottage at the lake for weekend getaways. With our Vacation/Second Home Program, Canadians can now purchase a second home or cottage with an affordable monthly payment with 5% down payment.
Acceptable loan purpose

* Second homes (Type A) available for purchase and refinance
* Vacation homes (Type B) available for purchase only
* Program does not provide for the purchase of investment, rental pool or timeshare properties; therefore, incidental rental income will not be used for qualification purposes.

Second Home Mortgage Toronto Ontario CanadaLoan-to-value ratio limits

* Type A properties: 95% LTV (Purchase) and 90% LTV (Refinance)
* Type B properties: 90% LTV (Purchase)

Max Loan Amounts

* Type A - Maximum loan amount: Metro Toronto, Metro Vancouver and Metro Calgary - $700,000; rest of Canada - $600,000
* Type B - Maximum loan amount: $350,000 (exceptions will be considered on a case by case basis)

Eligible properties (Refer to the Property Type Schedule)

Type A Properties (Second Homes):

* Property characteristics must comply with the Genworth First Mortgage Owner Occupancy Program
* Up to two units Maximum
* Available for purchase and refinance

Type B Properties (Vacation Homes and Cottages):

* Property characteristics same as Type A properties except for the following;
* Property need not be winterized
* May have seasonal access (road not plowed during winter)
* One unit maximum
* Available for purchase only

Terms/qualifying interest rates

* Six months up to 25 years - Fixed, standard variable, capped variable and adjustable rate mortgages are permitted
* For terms less than three years, the qualifying interest rate is the greater of three-year posted rate or contract rate
* For terms of three years or more, we use the contract rate

Amortization Options

* Up to 35 Years (Type A properties)
* Up to 25 Years (Type B properties)


 
 
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